Welcome to our dedicated page for Southwest Gas Ho SEC filings (Ticker: SWX), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Rate cases, depreciation tables and Centuri-spin updates—Southwest Gas Holdings’ disclosures can stretch past 300 pages before you reach the numbers that move the stock. If you have ever searched a 10-K for Arizona rate-base decisions or hunted through dozens of Form 4s to see when executives added shares ahead of a commission ruling, you know the challenge.
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Southwest Gas Holdings insider Robert J. Stefani, an officer of the company, has filed Form 144 indicating intent to sell 7,000 shares of common stock with an aggregate market value of $525,000 through Fidelity Brokerage Services.
The shares to be sold were acquired through two restricted stock vesting events:
- 4,690 shares on November 21, 2024
- 2,310 shares on January 4, 2025
The filing discloses that Stefani previously sold 2,000 shares on March 28, 2025, generating gross proceeds of $145,100. The proposed sale represents a small fraction of the company's 71.9 million outstanding shares and is planned for execution on the NYSE around June 27, 2025. The seller has certified no knowledge of undisclosed material adverse information regarding the company's operations.
Southwest Gas Holdings, Inc. (NYSE: SWX) has monetised part of its majority stake in its infrastructure-services subsidiary, Centuri Holdings, Inc., through a public secondary offering and a concurrent private placement disclosed in this Form 8-K.
Underwritten offering: On 18 June 2025 the company closed the sale of 11,212,500 Centuri shares (including the underwriters’ full over-allotment) at $20.75 per share. Net cash to Southwest Gas was ≈ $225 million after underwriting discounts and commissions. Centuri did not receive proceeds because all shares were sold by the parent.
Post-transaction ownership: Southwest Gas now holds 47,245,950 Centuri shares (≈ 53.3% of outstanding). If a separate private placement closes, ownership will fall modestly to ≈ 52.1%, preserving majority control.
Concurrent private placement: On 13 June 2025 the company signed a Stock Purchase Agreement with Icahn Partners LP and Icahn Partners Master Fund LP to sell an additional 1,060,240 Centuri shares at the same $20.75 price, yielding expected net proceeds of ≈ $22 million. Closing is contingent on Hart-Scott-Rodino clearance and must occur by 9 July 2025 or the agreement terminates.
Use of proceeds: Management states all cash raised (up to ≈ $247 million combined) will be applied to repay outstanding indebtedness, improving the parent company’s leverage profile.
Lock-up provisions: Centuri, its directors/officers, Southwest Gas and the Icahn Investors have agreed not to sell additional Centuri stock for 45 days following the prospectus supplement, limiting near-term share supply.
Documentation: The 8-K files the Underwriting Agreement (Ex. 10.1) and Stock Purchase Agreement (Ex. 10.2), which contain customary representations, warranties, covenants and indemnities.
Strategic context: The transactions convert a minority portion of Centuri equity into cash while leaving Southwest Gas with majority voting control. Proceeds earmarked for debt reduction may lower interest expense and strengthen the balance sheet, though investors should weigh the reduced economic participation in Centuri’s future growth.
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